Michael Bloomberg

From MarketsWiki

Michael Bloomberg
Occupation	Founder of Bloomberg LP and Mayor of the City of New York
Location	New York

Michael R. Bloomberg is the 108th Mayor of the City of New York. During his career in the private sector he oversaw the trading information systems at Wall Street firm Salomon Brothers and founded financial news and information service Bloomberg LP.^[1][2]

Background

Born on Feb. 14, 1942, in Boston and raised by middle-class parents in Medford, Massachusetts, Bloomberg was taught the values of hard work and civic responsibility.

In 1966, he was hired by Salomon Brothers. He quickly rose through the ranks at Salomon, where he eventually oversaw the trading firm's information systems, which enabled him to gain a keen understanding of the importance of technological innovation to a successful business. In 1981, Salomon was acquired by Philipp Brothers^[3], and Bloomberg was squeezed out by the merger. With a vision of an information company that would use emerging technology to bring transparency and efficiency to the buyers and sellers of financial securities, he began a small start-up company called Bloomberg LP in 1981. Today, Bloomberg LP has over 250,000 subscribers to its financial news and information service. Headquartered in New York City, the company has 9,500 employees in more than 130 cities worldwide.

As his company grew, Bloomberg started directing more of his attention to philanthropy, donating his time and resources to many different causes. He has sat on the boards of numerous charitable, cultural, and educational institutions, including Johns Hopkins University, where, as chairman of the board, he helped build the Bloomberg School of Public Health into one of the world's leading institutions of public health research and training.^[4]

Already deeply involved in civic affairs, he officially entered public life in 2001, when he entered the race for Mayor of the City of New York. His election came just two months after the tragic attacks of 9/11. Under Bloomberg’s forward-looking leadership, and with his determination to build on the spirit of unity that defined the city after the attacks, New York rebounded faster and stronger than anyone expected.

In his first term, Bloomberg cut crime 20%; created jobs by supporting small businesses; unleashed a building boom of affordable housing; expanded parks and worked to revitalize the waterfront; implemented ambitious public health strategies, including the successful ban on smoking in restaurants and bars; expanded support for community arts organizations; and improved the efficiency of government. In addition, he won control of New York's schools from the Board of Education, and began turning around the nation’s largest school district by injecting standards into the classroom and holding schools accountable for success. As a result, graduation rates have increased nearly 20%, and reading and math scores have both risen to record levels.

In 2005, Bloomberg was re-elected. In his second term, while balancing the budget and driving unemployment to a record low, Mayor Bloomberg has taken on a number of new challenges. He launched an innovative program to combat poverty that encourages work. He’s undertaken a far-reaching campaign to fight global warming and prepare New York for an estimated million more residents by 2030. And as co-founder of a bipartisan coalition of more than 200 mayors from every region of the country, Bloomberg is working to keep illegal guns out of the hands of criminals.^[5]Bloomberg is the father of two daughters, Emma and Georgina.

Education

Bloomberg attended Johns Hopkins University, where he paid his tuition by taking loans and working as a parking lot attendant during the summer. He graduated in 1964 with a Bachelor of Science degree in electrical engineering. Later he received his Master of Business Administration degree from Harvard Business School.

News

On Apr. 3, 2008, the CME Group Center for Innovation (CFI) announced that Bloomberg, would be the 2008 recipient of the annual CME Group Fred Arditti Innovation Award.“Michael Bloomberg challenged Wall Street's traditional approach to financial information, creating an innovative company that changed the speed, delivery and scope of data for investors around the world,” said CME Group Executive Chairman Terry Duffy. “His strategic use of technology increased the flow of critical information, adding transparency to financial markets around the world. He also had the foresight to understand the role of the news media in financial markets, moving his company beyond the platform into news services, print and broadcast. As a result of his innovation, when you think of financial information, whether it’s prices or news, you think of Bloomberg.”^[6][7]

External Links

• Bloomberg's myspace page
• Bloomberg's Facebook page
• Homepage Bloomberg.com

References

1. ↑ Biography. NYC.gov. Retrieved on Apr. 4, 2008.
2. ↑ Mike Bloomberg. Mikebloomberg.com. Retrieved on Apr. 4, 2008.
3. ↑ 2 More Quit in Salomon Turmoil. The New York Times. Retrieved on July 24, 2008.
4. ↑ Press Release. Johns Hopkins Bloomberg School of Public Health. Retrieved on Apr. 4, 2008.
5. ↑ Press Release. Mayors Against Illegal Guns. Retrieved on Apr. 4, 2008.
6. ↑ Press Release. CME Group. Retrieved on Apr. 4, 2008.
7. ↑ Press Release. Mondovisione. Retrieved on Apr. 4, 2008.